https://twitter.com/paulkrugman/status/1712494317024026761
This is like saying "my health is great ex my heart".
[edit] Also, child poverty increased more in 2022 than any time in recorded US history. So "little cost" for Krugman, but not for the population.
Me in the grocery store like, "what lower prices?"
actually sweaty the graph clearly states that prices will merely raise less quickly than before you're welcome for these econ facts 😎
The point is that his graph intentionally excludes most of the prices.
"CPI ex food, energy, shelter and used cars"
let me tell you about unemployment figures excluding people who gave up on life
me when the capitalist "economists" suddenly decide that their models are actually mathematical and admit derivatives despite their theory being nothing but non-mathematical vibes
So if we cut off the bottom of the hierarchy of needs, everyone's that much closer to self actualization
Not a lot. What Krugman excluded from the graph is ~70% of the total. 30% is stuff like consumer electronics, home supplies, etc.
But also, even 2% inflation can be bad if your wage growth is 0%. It might be worse than when inflation was 9%, but your wage growth was 8%. Another thing is that for some weird reason, people will prioritize things like shelter and food, so inflation in those areas always hurts more than the price of iPads. Just looking at the "inflation" number alone is really stupid. And that is because economics is a precise and conclusive science, folks!!!
Construction materials (wall)
Ammunition and armaments
Wages (making people face the wall)
Guns, funko pops of youtubers making the
, kerosene which you can use on clowns like this,um...metal straws
Fuck that's some psychic damage. I'd forgotten about Sinema's weird anime girl bullshit.
When the Rev comes I am going to make Krugman sit in the corner and read Das Kapital over and over again until I am satisfied he understands it.
We'll tell him that we're defeating hunger as we give him less and less food with each meal
Please make him where an antiquated dunce cap too, to complete the look
You realize he is such a low hanging fruit when every reply is dunking on him lol.
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Off topic but its hilarious how someone could be so wrong? I never even knew about this lore. The internet already big in 1998? I had a quick look AOL already had 30 million subscribers at that point? lol
Meanwhile, Nobel prize winner economist: "FAX MACHINES!!!!1!11!!!!!!"
Yeah, that was at the height of the first dotcom bubble.
Krugman: one who Krugs
Krug: to say something really fucking stupid, like mind-bogglingly monumentally stupid, you won't believe just how fucking dumb this shit is
Good thing nobody actually needs to pay for food or shelter. Can you imagine how bad it would be if those prices were still spiraling out of control? We dodged a bullet there.
Look! An historic material condition is waning! Quickly, do an ideology so we can take credit!
This stupid tweet / series of tweets has fucked with me enough that I did a VERY rough integration (do not take this as numbers, I literally just moved points on a chart until they more or less matched the original. The units are also a little funky, and I didn't have a real desire to untangle what they mean because I have actual work to do.)
The red is more or less the actual inflation rate.
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Isn’t all of economics just willful ignorance of what’s directly in front of you?
No, a lot of it is willful ignorance of what's directly behind you
and a little willful ignorance of what's happening right where you are
Forgive me, I'm no mathematician. Are you revealing that the OP graph is cumulative and really shows a slowing down in the growth of inflation rather than a reversal or lowering of inflation?
What does decrease of inflation from 2% to 1% mean? The cost for consumers has still increased.
This is the point they’re making, that OP’s graph is saying that the rate of increase has decreased, and so it’s a graph of the derivative.
Yeah, the original graph shows the rate of change of inflation. It defines how much it's increasing by. The author is lying with graphs.
why don't you integrate the graph to show what prices actually are Paul?WHY DON'T YOU SHOW WHAT THE PRICE CHANGE IS PAUL??
@gaycomputeruser@hexbear.net gave us a rough integration :)
The federal reserve excludes food and energy because they are more noisy and don't want to be hiking interest rates based on random fluctuations that won't last. The way shelter is incorporated into CPI is well known to be bad. They were saying a year ago that it would lead to higher CPI numbers for a long time after inflation stopped. Excluding used cars seems like pure cherry picking: this number sucks too much so we will not look at it.
They don't want prices to come down or even stop going up. They want them to stop going up too fast.
Krugman is an idiot, mainstream economics is a pseudoscience, inflation seems to be still too high. Just trying to explain what he thinks he's doing.
I straight up thought those were examples of CPI variables, not exclusions. Just incredible.
Abraham Maslow shining
